on its way to manila . deposit ##ing its dollars in the philippines , the ship then loaded trade goods from the east indies for the return journey to new spain . this round trip was essential to the maintenance of the spanish empire in the east indies , which operated at an enormous financial loss only mit ##igate ##d by the substantial subsidy from new spain . spanish dollars were the accepted currency across most of the east indies , and disruption of this financial system could have profound effects on regional trade ; but british sailors had nevertheless been attacking the manila gall ##eon ##s since thomas cavendish in 158 ##7 . leaving the heavier warships at macau , cooke sailed on 5 january 1798 only
on its way to manila. depositing its dollars in the philippines, the ship then loaded trade goods from the east indies for the return journey to new spain. this round trip was essential to the maintenance of the spanish empire in the east indies, which operated at an enormous financial loss only mitigated by the substantial subsidy from new spain. spanish dollars were the accepted currency across most of the east indies, and disruption of this financial system could have profound effects on regional trade ; but british sailors had nevertheless been attacking the manila galleons since thomas cavendish in 1587. leaving the heavier warships at macau, cooke sailed on 5 january 1798 only